Board Meeting January 17, 2024

Wednesday, January 17, 2024
10:00 am – 10:00 am

Agenda
Minutes

Open Session

Item 1 – Call to Order/Roll Call – No Materials

Item 2 – Public Comment – No Materials

Consent Matters

Item 3 – Minutes of the December 6, 2023 Regular Meeting
Recommendation to approve the minutes of the December 6, 2023 Regular Meeting.

Item 4 – Disability Retirement Applications
Recommendation to adopt Staff’s recommendations for the following Disability Retirement Applications:

Item 4A – AAKHUS, James (Senior Highway Maintenance Worker, Department of Transportation):  Grant a service-connected disability retirement. (confidential)

Item 4B – BEESON, Cambron (Deputy Sheriff, Sheriff’s Department):  Grant a service-connected disability retirement. (confidential)

Item 4C – CAMPOY, Joseph (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement. (confidential)

Item 4D – GIL, Stephanie (Sheriff Communication Dispatcher II, Sheriff’s Department): Grant a service-connected disability retirement. (confidential)

Item 4E – NEWLAND, Colleen (Sheriff’s Community Services Officer, Sheriff’s Department): Grant a service-connected disability retirement. (confidential)

Item 4F – OLIVES, Tosca (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement. (confidential)

Item 4G – PEOPLES, Cory (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement. (confidential)

Item 4H – REYES, Carlos (Deputy Sheriff, Sheriff’s Department): Grant a service-connected disability retirement. (confidential)

Item 4I – SNOW, Kent (Airport Operations Worker, Airports): Grant a non-service-connected disability retirement. (confidential)

Item 4J – SILVA, Richard (Maintenance and Operations Assistant, Sacramento Area Sewer District): Deny a service-connected disability retirement. (confidential)

Item 5 – Felony Forfeiture Review
Adopt Staff’s recommendation for the following Felony Forfeiture Review​:

Item 5A – MARIN, Edward (Human Services Specialist, Department of Human Assistance): Finding of no forfeiture.

Item 6 – Ratification of Service Retirement Application Approvals—November and December 2023
Ratify the service retirement applications that were finalized in November and December 2023.

Item 7 – State Association of County Retirement Systems Legislative Update—January 2024
Receive and file the State Association of County Retirement Systems (SACRS) Legislative Update for January 2024.

Item 8 – Annual Board Education Compliance Report
Receive and file the annual Board Education Compliance Report for 2023.

Item 9 – Quarterly CEO Delegated Authority Expense Report—Fourth Quarter 2023
Receive and file the Quarterly CEO Delegated Authority Expense Report for quarter ended December 31, 2023.

Item 10 – Annual Comprehensive Financial Report
Receive and file the SCERS Annual Comprehensive Financial Report (the ACFR) based on the audited financial statements and auditor reports as of and for the fiscal year ended June 30, 2023, issued by SCERS’ independent auditor, Brown Armstrong Accountancy Corporation (Brown Armstrong).

Item 11 – Board Policies
Re-affirm the following policies with no substantive changes:

Item 11A – CEO Performance Evaluation Policy

Item 11B – Retirement Board Election Policy

Item 11C – Subrogation Claims Policy

Item 11D – Board and Staff Personal Information Policy

Item 12 – Quarterly Investment Manager Compliance and Watch List Report—Fourth Quarter 2023
Receive and file the Quarterly Investment Manager Compliance and Watch List Report for the quarter ended December 31, 2023.

Item 13 – Monthly Report of Investment Activity—December 2023
Receive and file the Monthly Report of Investment Activity for December 2023​.

Executive Reports

Item 14 – Chief Executive Officer’s Report – No Materials

Item 15 – Chief Investment Officer’s Report – No Materials

Item 16 – Chief Benefits Officer’s Report – No Materials

Investment Matters

Item 17 – Investment Counsel Legal Services Agreement
Approve an extension of legal services agreement with Foley & Lardner LLP through January 31, 2027, in an amount not to exceed a total of $825,000 and authorize the CEO to execute any necessary documents​.

Item 18 – Master Investment Policy Statement
Amend Master Investment Policy Statement regarding investment considerations involving environmental, social, and governance factors​. 

Item 19 – Education: ALM Study Overview
Receive and file the Asset Liability Modeling (ALM) Study Overview education presentation by SCERS’ staff and general investment consultant, Verus Advisory.

Administrative Matters

Item 20 – Litigation Counsel Legal Services Agreement
Approve amendment to legal services agreement with Nossaman LLP to increase the annual fiscal year not-to-exceed amount from $675,000 to $875,000 and authorize the CEO to execute any necessary documents.

Other Matters

Item 21 – Comments from Board Members of the Board of Retirement – No Materials

Closed Session

Item 22 – Conference with Legal Counsel – Anticipated Litigation (confidential)
Pursuant to Government Code Section 54956.9(d)(2), this session shall be closed for the Board to discuss significant exposure to litigation to which SCERS may be a party in one (1) case.

Item 23 – Conference with Legal Counsel – Anticipated Litigation (confidential)
Ventura County Employees’ Retirement Association v. Criminal Justice Attorneys Association of Ventura County, et al. Second District Court of Appeals Case No. B325277 Pursuant to Government Code Section 54956.9(d)(4), this session shall be closed for the Board to discuss a request for publication of opinion.

Item 24 – Personnel Matters – Employee Disability Retirement Applications (confidential)
Pursuant to Government Code Section 54957(b), this session shall be closed for the Board to discuss the employment of public employees, specifically, the disability retirement applicants referenced in Item 4, above. This item will be withdrawn in whole or in part if approved on Consent as recommended by staff.